Business
U.S. Silver & Gold Provides Third Quarter Production Update; Cash Costs Reduced by 13%; Average Grade Mined Increased by 18%
TORONTO , Oct. 22, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA , OTCQX: USGIF) (...
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"\n\n\nTORONTO, Oct. 22, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA, OTCQX:\n USGIF) (\"U.S. Silver & Gold\" or the \"Company\") today announced\n production figures for its Galena Mine Complex in Idaho.\n\n\nHighlights \n\n\nProduction for the quarter of 529,860 silver equivalent ounces1 including 464,850 silver ounces which represents a 15% decrease in\n silver production compared with Q3, 2012, and production of 1.67\n million ounces for the first 9 months of 2013, an increase of 3%\n year-to-date.\n\nCash costs of $17.67 per ounce silver for the quarter and $18.16 year-to-date, which\n represent reductions of 13% over Q3, 2012 and 5% year-over-year.\n\nAverage mill feed grade for the quarter rose 18% to 11.84 ounces per ton\n silver, comprising 36,359 tons grading 12.83 ounces per ton silver from\n production areas and 7,676 tons of incremental development muck grading\n 1.75 ounces per ton silver. \n\nProduction from silver/copper areas adjacent to the Caladay Zone\n commenced in the third quarter.  Although installation and\n commissioning of additional cooling capacity has impacted mining\n activities in the area, consistent production rates are expected to be\n achieved before year-end and the Company continues to target a\n production rate of 100 tons per day.\n\nThe previously announced Small Mine Plan2 was implemented, reducing production, eliminating more than 100\n positions and adding one-time severance costs. It will result in lower\n cash and overall costs going forward and increase grade mined to be\n profitable at current silver prices. \n\nSilver guidance for 2013 remains at 2.1 - 2.2 million ounces with\n production at the Galena Complex during the second half of the year on\n track to deliver 850,000 - 1,000,000 ounces at a cash cost of $15.50 -\n $17.50 per ounce. \n\n\nThe Company expects to release its third quarter financial results on\n Wednesday November 13, 2013.\n\n\n\"We made a strategic decision to implement the Small Mine Plan early in\n the quarter knowing the elimination of more than 100 positions would\n reduce production, create some disruption and temporarily increase\n costs due to severance payments,\" remarked Darren Blasutti, President\n and CEO of U.S. Silver and Gold. \"In light of this, I am pleased with\n the quarterly results we achieved and would like to thank M...